Global Well Intervention Market Estimated to Reach Above US$ 10 Bn by 2026; Discovery of New Wells to Play an Important Role in Market Growth

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Coiled Tubing Services to Remain a Dominant Segment over the Forecast Period 

Coiled tubing services consist of reliable and efficient well intervention for vertical, horizontal, highly deviated, and live wells. Coiled tubing is designed to improve well and reservoir performance. Its applications include wellbore cleanout, matrix and fracture stimulation, logging, nitrogen kickoff, perforation, sand control, drilling, well circulation, mechanical isolation, and cementing. Coiled tubing and slickline are widely used during well intervention. Coiled tubing is an important type of service, as it can be used for vertical, horizontal, highly deviated, and live wells.

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Light Well Intervention Segment Dominates the Global Well Intervention Market and is expected to Expand Further 

In terms of type, the light well segment dominated the global well intervention market with more than 50% share in 2017. It was closely followed by the medium wells segment. More than 6,000 subsea wells existed across the globe in 2016. Increase in oil recovery from the wells is augmenting the subsea light well intervention services. These services include repair, installation, and manipulation of mechanical devices (plugs, valves, screens, etc.), scale removal, perforations and re-perforations, fluid sampling, zone isolation, well abandonment, and chemical treatment. Light well intervention technology lowers the intervention cost by about one-third i.e., intervention cost is about 50% to 60% less than that of the drilling rig. This enables more intervention work, which results in better exploration of subsea wells. Light well intervention is a cost-effective alternative for well intervention and repair of subsea wells compared to drilling rigs.

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Countries in North America, especially U.S. to Lead Well Intervention Market 

North America dominated the global well intervention market in 2017 and the trend is expected to continue over the forecast period. The U.S. has drilled more than 14,000 wells in 2016 and is expected to explore more oil and gas wells in the near future. The U.S. upstream market is a complex combination of technical, financial, political, and logistical factors. Increase in exploitation of unconventional reserves is likely to boost demand for well intervention in the near future. Among unconventional plays, the Permian basin will certainly lead to U.S. supply growth.